Cher’s old Miami Beach estate now 40% off

TRD MIAMI /
Mar.March 01, 2011 06:49 PM
Cher and her former La Gorce Island pad

The owner of Cher’s former La Gorce Island estate has slashed his asking price by another 11 percent in an attempt to take advantage of a perceived burst in activity in the Miami Beach luxury market, even though it means he’ll probably lose money on the deal.

The 11,460-square-foot mansion, which Cher rebuilt and sold in the 1990s, is now up for grabs for $10.2 million. It last changed hands for $9.7 million in 2006, when former Calvin Klein CEO Barry Schwartz sold it to developer Todd Glaser and investor Armin Mattli, who gave the property around $1 million worth of upgrades before relisting it for $16.9 million in 2008.

It’s been on and off the market since then, with celebrities like Janet Jackson and Julio Iglesias each taking a turn as tenants, but was most recently listed for $11.5 million in July.

Mattli, who heads Swiss spa operator Clinique La Prairie, is now running the show at 64 La Gorce Circle, with Glaser already having cashed out on his stake in the corporation that owns the property, listing broker Nelson Gonzalez of Esslinger-Wooten-Maxwell told The Real Deal today.

The three-story main house sits on a nearly 30,000-square-foot lot, which includes a 60-foot pool and 158 feet of waterfrontage. It has six bedrooms, seven bathrooms and a “grand, two-story receiving hall embraced by double staircases,” according to the listing.

Gonzalez said he believes the latest price cut puts the estate at well below market value, pointing to a recent, $8.2 million listing on La Gorce Island for a roughly 5,000-square-foot home with fewer feet of waterfrontage.

“The market has been absolutely on fire in Miami Beach recently,” Gonzalez said. “There are a lot of transactions, but at lower prices. People just don’t want to miss the boat at the bottom so they’re sort of getting off the fence.”


Related Articles

arrow_forward_ios
Techrin Hijazi with Brown Harris Stevens Miami, and Ivan Ramirez with Royal Palm Residences sales team

Movers & Shakers: Techrin Hijazi joins BHS Miami, Royal Palm project names sales team & more

Henry Torres and Merrick Manor

Merrick Manor hires Berkshire EWM to take over sales

Todd Glaser and the home

Todd Glaser venture sells Palm Beach spec home for $9M

From left: Nelson Gonzalez, Danny Hertzberg, Julian Johnston and Ben Moss

“The biggest week of the year”: Luxury brokers eye potential buyers in town for Super Bowl

Ron Shuffield and Oscar Arellano

Longtime Fortune International Realty agent joins Berkshire EWM

Brenton Saunders and his Venetian Island home

No wrinkles here? Allergan CEO buys Venetian Islands house

100 La Gorce Drive, Carolyn Aronson and Jeff Aronson

Cash4Gold founder drops $20M on Miami Beach estate

Todd Glaser, Rony Seikaly and a rendering of spec home at 1635 W 22nd Street (Credit: Mary Beth Koeth, Getty Images)

Todd Glaser, Rony Seikaly close on Miami Beach spec mansion

arrow_forward_ios
Loading...